Blum Holdings, Inc. Provides Update on Settlement with People’s California, LLC
Blum Holdings (OTCQB: BLMH) has announced progress in its settlement with People's California, and affiliated parties. The cannabis operator has executed definitive documentation for the settlement terms previously announced on February 24, 2025, following a judicially supervised settlement conference.
The comprehensive resolution aims to settle all outstanding litigation, adversary proceedings, and contested matters between the involved parties, including Blum's subsidiaries Unrivaled Brands and Halladay Holding, which are currently in Chapter 11 bankruptcy proceedings. The settlement requires approval from the United States Bankruptcy Court for the Central District of California to become effective.
The company views this potential settlement as a significant milestone in its restructuring efforts, potentially offering greater clarity and stability for stakeholders. A motion to approve the compromise has been filed, though court approval is not guaranteed.
Blum Holdings (OTCQB: BLMH) ha annunciato progressi nel suo accordo con People's California e le parti affiliate. L'operatore di cannabis ha eseguito la documentazione definitiva per i termini dell'accordo precedentemente annunciati il 24 febbraio 2025, a seguito di una conferenza di risoluzione supervisionata dal giudice.
La risoluzione complessiva mira a risolvere tutte le controversie legali in sospeso, le procedure avversarie e le questioni contestate tra le parti coinvolte, comprese le sussidiarie di Blum, Unrivaled Brands e Halladay Holding, attualmente in procedimenti di fallimento ai sensi del Capitolo 11. L'accordo richiede l'approvazione del Tribunale Fallimentare degli Stati Uniti per il Distretto Centrale della California per diventare efficace.
L'azienda considera questo potenziale accordo come un traguardo significativo nei suoi sforzi di ristrutturazione, potenzialmente offrendo maggiore chiarezza e stabilità per gli stakeholder. È stata presentata una mozione per approvare il compromesso, anche se l'approvazione del tribunale non è garantita.
Blum Holdings (OTCQB: BLMH) ha anunciado avances en su acuerdo con People's California y partes afiliadas. El operador de cannabis ha ejecutado la documentación definitiva para los términos del acuerdo previamente anunciados el 24 de febrero de 2025, tras una conferencia de resolución supervisada judicialmente.
La resolución integral tiene como objetivo resolver todos los litigios pendientes, procedimientos adversarios y asuntos en disputa entre las partes involucradas, incluidas las subsidiarias de Blum, Unrivaled Brands y Halladay Holding, que actualmente se encuentran en procedimientos de bancarrota bajo el Capítulo 11. El acuerdo requiere la aprobación del Tribunal de Quiebras de los Estados Unidos para el Distrito Central de California para hacerse efectivo.
La empresa considera este posible acuerdo como un hito significativo en sus esfuerzos de reestructuración, ofreciendo potencialmente mayor claridad y estabilidad para las partes interesadas. Se ha presentado una moción para aprobar el compromiso, aunque la aprobación del tribunal no está garantizada.
Blum Holdings (OTCQB: BLMH)가 People's California 및 관련 당사자들과의 합의에서 진전을 발표했습니다. 이 대마초 운영자는 2025년 2월 24일에 이전에 발표된 합의 조건에 대한 최종 문서를 작성하였으며, 이는 사법적으로 감독된 합의 회의 후에 이루어졌습니다.
포괄적인 해결책은 Blum의 자회사인 Unrivaled Brands와 Halladay Holding을 포함하여 관련 당사자 간의 모든 미결 소송, 적대적 절차 및 논란이 되는 문제를 해결하는 것을 목표로 합니다. 이들 자회사는 현재 제11장 파산 절차에 있습니다. 합의는 효과를 발생시키기 위해 미국 캘리포니아 중앙 지방법원의 승인을 요구합니다.
회사는 이 잠재적인 합의를 재구성 노력의 중요한 이정표로 보고 있으며, 이해관계자들에게 더 큰 명확성과 안정성을 제공할 수 있다고 생각합니다. 타협을 승인하기 위한 동의안이 제출되었지만, 법원의 승인이 보장되지는 않습니다.
Blum Holdings (OTCQB: BLMH) a annoncé des progrès dans son règlement avec People's California et les parties affiliées. L'opérateur de cannabis a exécuté la documentation définitive pour les termes du règlement précédemment annoncés le 24 février 2025, à la suite d'une conférence de règlement supervisée par le tribunal.
La résolution globale vise à régler tous les litiges en cours, les procédures adversariales et les questions contestées entre les parties impliquées, y compris les filiales de Blum, Unrivaled Brands et Halladay Holding, qui sont actuellement en procédure de faillite au titre du Chapitre 11. Le règlement nécessite l'approbation du Tribunal des faillites des États-Unis pour le district central de Californie pour entrer en vigueur.
L'entreprise considère ce règlement potentiel comme une étape importante dans ses efforts de restructuration, offrant potentiellement une plus grande clarté et stabilité pour les parties prenantes. Une motion pour approuver le compromis a été déposée, bien que l'approbation du tribunal ne soit pas garantie.
Blum Holdings (OTCQB: BLMH) hat Fortschritte in seiner Einigung mit People's California und verbundenen Parteien bekannt gegeben. Der Cannabis-Betreiber hat die endgültige Dokumentation für die zuvor am 24. Februar 2025 angekündigten Einigungsbedingungen nach einer gerichtlichen Einigungsbesprechung ausgeführt.
Die umfassende Lösung zielt darauf ab, alle ausstehenden Rechtsstreitigkeiten, gegnerischen Verfahren und strittigen Angelegenheiten zwischen den beteiligten Parteien zu klären, einschließlich Blums Tochtergesellschaften Unrivaled Brands und Halladay Holding, die sich derzeit in einem Insolvenzverfahren nach Kapitel 11 befinden. Die Einigung bedarf der Genehmigung des US-Insolvenzgerichts für den zentralen Bezirk Kalifornien, um wirksam zu werden.
Das Unternehmen betrachtet diese potenzielle Einigung als einen bedeutenden Meilenstein in seinen Umstrukturierungsbemühungen, der potenziell mehr Klarheit und Stabilität für die Stakeholder bieten könnte. Ein Antrag zur Genehmigung des Kompromisses wurde eingereicht, obwohl die Genehmigung durch das Gericht nicht garantiert ist.
- Settlement agreement could resolve all outstanding litigation with People's California
- Progress in restructuring efforts through definitive settlement documentation
- Company subsidiaries in Chapter 11 bankruptcy proceedings
- Settlement effectiveness contingent on court approval
- No guarantee of bankruptcy court approval
DOWNEY, Calif., April 14, 2025 (GLOBE NEWSWIRE) -- Blum Holdings, Inc. (OTCQB: BLMH) (the “Company,” “Blüm”, “Blüm Holdings,” “we” or “us”), a California-based publicly traded holding company and cannabis operator, today provided an update regarding its global settlement with People’s California, LLC and affiliated parties (the “People’s Parties”), previously announced on February 24, 2025.
The parties have executed definitive documentation memorializing the terms of the settlement reached during the previously reported judicially supervised settlement conference. The comprehensive resolution, which remains subject to court approval, would resolve all outstanding litigation, adversary proceedings, and contested matters between the People’s Parties, the Company, and the Company’s wholly owned subsidiaries (and now debtors-in-possession in Chapter 11 bankruptcy proceedings), Unrivaled Brands, Inc. and Halladay Holding, LLC.
The Company believes that, if approved and made effective, the settlement will represent a significant milestone in its restructuring efforts and could provide greater clarity and stability for all stakeholders.
The parties have filed a “Motion to Approve Compromise of Controversy Between Debtors and People’s California LLC and Related Parties” with the United States Bankruptcy Court for the Central District of California (the “Bankruptcy Court”), requesting court approval of the settlement. The settlement will not become effective unless and until the Bankruptcy Court enters a final, non-appealable order approving its terms. There can be no assurance that the Bankruptcy Court will grant such approval or that the settlement will become effective.
About Blüm Holdings
Blüm Holdings is a leader in the cannabis sector. Our commitment to quality, innovation, and customer service makes us a trusted name in the cannabis industry, dedicated to shaping its future. Blüm Holdings, through its subsidiaries, operates leading dispensaries throughout California as well as several leading company-owned brands including Korova, known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar. As both a holding company and a marketing platform, Blüm aims to leverage its growing ecosystem to accelerate customer and retail investor acquisition, increase brand awareness, and create value across its portfolio.
For more info, please visit: https://blumholdings.com.
Follow us on Instagram @blumholdings
Contact:
Jason Assad
LR Advisors LLC.
jassad@blumholdings.com
678-570-6791
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The Company uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on the Company’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.
New factors emerge from time-to-time and it is not possible for the Company to predict all such factors, nor can the Company assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in the Company’s reports with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to the Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.
FAQ
What is the current status of BLMH's settlement with People's California?
Which BLMH subsidiaries are involved in the Chapter 11 bankruptcy proceedings?
When was the BLMH settlement with People's California initially announced?
What impact could the settlement have on BLMH's restructuring efforts?
